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Monday, February 27, 2017

The Ides of March - "Everything Will Grind To a Halt"

“I think what people are missing is this date, March 15th
2017. That’s the day that this debt ceiling holiday that Obama and
Boehner put together right before the last election in October of 2015.
That holiday expires. The debt ceiling will freeze in at $20
trillion. It will then be law. It will be a hard stop. The Treasury
will have roughly $200 billion in cash.

We are burning cash at a $75
billion a month rate. By summer, they will be out of cash. Then
we will be in the mother of all debt ceiling crises.

Everything will
grind to a halt. I think we will have a government shutdown. There
will not be Obama Care repeal and replace. There will be no tax cut.
There will be no infrastructure stimulus. There will be just one giant
fiscal bloodbath over a debt ceiling that has to be increased and no one
wants to vote for.”